“In recent years, it’s become pretty clear that the gig economy — a model under which folks work independently, as opposed to being employed full-time — has really taken off. Gig workers make up roughly one-third of the workforce, and that number is likely to climb in the coming years.

Gig workers are generally happy with their choice. Despite the challenges gig workers face, most are happy with the career path they’ve chosen. Only 19% expressed a strong interest in moving over to a traditional work arrangement, whereas 32% of full-time workers said they’d like to give the gig economy a try.

Clearly, there are plenty of good reasons to join the gig economy if you’re tired of the constraints associated with full-time employment. That said, if you’re going to hop aboard the freelance bandwagon, go in with a financial plan. Have plenty of emergency savings to compensate for the fact that your income, at least at first, may not be all that steady, and network extensively prior to leaving your full-time role to line up some potential work in advance.

Furthermore, you’ll need to reexamine your budget once you go from a steady paycheck to an income that’s less reliable. This could mean cutting expenses to allow for a drop in earnings. Finally, be sure not to neglect your retirement savings after making the transition. As stated above, there are plenty of tax-advantaged savings plans available to freelancers, and funding one consistently is the key to being able to retire on schedule.

Then again, if you come to be truly happy as a gig worker, you may not feel the need to retire fully at all. Nearly one-third of gig workers are baby boomers, and of those, 75% report that they’re extremely satisfied with their work situation. In other words, if you get into a good flow work-wise, you just might buy yourself the opportunity to do what you love for as long as you wish.”

“In some cases, they switch jobs out of necessity. Involuntary layoffs and downsizing can play a role in prompting an employee to search for a new job. In some cases, Boomers might crave trying something completely new, and finally have the liberty and financial freedom to make the switch to explore their passions. Like any other person seeking a job change, Boomers may have a desire to live in a different climate, or move closer to family.”

If you’re thinking about making a career change, start by asking yourself these questions:

“What am I passionate about? If you have any number of years of experience under your belt, you might know what you like about your past positions, and what you didn’t like. Is there something that interests you that you’ve never had the chance to explore? Is there a role you’ve never had the chance to play, such as a manager, that you’d like to try? Define what makes you tick.

What am I good at? Don’t assume you have to stay in the same industry, or even in the same role where you have the most experience. Look at sister industries – places that you know and understand based on your work experience, where you can use your existing skillset in a different way, or for a different purpose. Start drawing connections between the way you used skills in the past, and how you might be able to use them in the future.

What have I learned from my experiences? Whether you stayed in the same career for 40 years, or you left the workforce at some point along the way, your life experiences are valuable to organizations, regardless of some of the negative stereotypes about the “non-digital native” population of workers. Forbes contributor Kevin Murnane reported on the results of a HMA survey that found Boomers actually spend more time on the Internet than younger generations. Because Boomers have personally witnessed the growth and adoption of technology, they have a unique ability to understand the long-lasting ramifications technology has had on the way we work and live. Bring that knowledge and perspective to your conversations with future employers.”

“If your job is stressful, is it retirement you seek, or a change in careers?

My brother found dentistry stressful and unfulfilling. He’s much happier in his new career. My executive friend was passionate about his job, but he is equally passionate about his volunteer career. The point is the decision to retire is about what you value. Are you a working type, or a creative leisure type? My friend Tom, retired this past year. He is an exemplar of “successful retirement.” He has always had a very active leisure life (during his non-working time, he sailed, played tennis, golfed, volunteered, and he has a large social network and a love of travel…). By every account, he is happily and healthily retired.

Are you prepared psychologically to retire?

Do you have a retirement plan? Do you have hobbies or interests that will fill your time? Have you realistically considered what your life will be like as a retired person?

Many people have unrealistic expectations about their retired lives. They imagine that they will take up golfing or tennis, begin hobbies, learn to play the guitar, travel, etc. A good test is to evaluate that part of your life currently. Are you involved in sports, hobbies, or music and passionate about it? If not, it may be unreasonable to expect that you will suddenly develop that passion the day after you retire. The most successful retirees plan out their post-working lives.”

We all know there can sometimes be complexities related to the transfer of property. More times than not families try to solve these problems during a crisis, but creating a contingency plan in advance is a far better way of dealing with potential pitfalls. Your home is often your most valuable asset and there are thing you need to know before you move forward with any major decisions that will impact your future.

You may be asking…

What legal documents are needed when selling my home?

What are the tax implications of owning, selling, or transferring property??

How should property be deeded to avoid potential future challenges?

What other issues should I be aware of?

Join us to hear first hand from legal, financial and tax experts about how to avoid common challenges faced by families just like yours.

In the AARP article Advice for Couples Who Stagger Retirement, author Margery D. Rosen writes that planning can be tricky if one opts out of the workforce before the other, also known as “Out-of-Sync Retirement Syndrome”:

“As 76 million boomers march toward what was once a generally agreed-upon ‘retirement age,’ many are poorly prepared for the conflicts unleashed when one partner retires and the other continues to toil. ‘Retirement can magnify preexisting problems in a marriage,’ says social historian Stephanie Coontz. ‘The decision to stop work forces you to reevaluate what you both want — and you may discover the gaps are wider than either of you thought.'”

Boomers in particular may struggle with this transition.

“‘In the past, most couples took it for granted that when one of them retired, the other would, too — and they usually faced only the husband’s retirement,’ says sociologist Phyllis Moen, author of Encore Adulthood: Boomers on the Edge of Risk, Renewal, and Purpose. ‘Two-career boomers are the first generation that has had to deal with his-and-her retirements.'”

Another issue: Many 50+ women in the workforce opted for the “mommy track,” putting their careers on hold while they raised their families.

“Then, when their nests emptied, they reentered the workforce with renewed ambition. Today, more than 25 percent of women ages 65 to 69 — and 15.5 percent of women ages 70 to 74 — are employed full time. (The figures for men are 33 percent and 24 percent.) Not only do they enjoy the regular paycheck, they also don’t want to lose the intellectual stimulation and social life a job often provides. ‘While husbands may be thinking about volunteering, traveling or having more time as a couple,’ notes Dorian Mintzer, coauthor of The Couple’s Retirement Puzzle, ‘their wives may be hitting their stride at work. Both spouses are in transition, but they’re traveling different roads.'”

“If I say the word ‘retirement,’ what comes to mind? Sunsets? Golfing? Cruises? Most of the people I work with don’t want anything to do with a retirement that has them sailing toward a sunset of irrelevance. The people I speak with want a retirement packed with meaning, new careers and new experiences.”

Hanson writes about the medical advance that changed everything:

“It was the discovery of penicillin in 1928, and markedly increased lifespans, which led to the concept of the modern retirement that we’re familiar with today. People began living longer and naturally working longer — resulting in a glut of workers that eventually led to unemployment and stagnation, a big problem for the first time.

At the height of the Great Depression, it became apparent that the way to increase efficiency and lower unemployment was to encourage older workers to retire. However, many older workers were not willing (or in many cases, able) to quit. It just wasn’t in their DNA. Life had always been about work, and now they were being asked to stop. In response, President Franklin D. Roosevelt proposed the Social Security Act of 1935.

Suddenly, you could retire and still have income.

But this gave rise to a new problem: Americans had ‘nothing’ to do. What were retirees to do with all that extra time? It’s no wonder the Baby Boomer generation is rewriting the definition of retirement by continuing to work.”

Learn the facts about the many types of retirement communities available in the area and the questions you should be asking when considering your options. This is the perfect place to educate yourself so that you can make the right decisions for you and your family.

Retirement communities and 55+ active adult living options are popping up all around the S.F. Bay Area and in every other city in the country. You may be asking:

– What are these place exactly?
– What do they offer me as a senior?
– Where do I even begin?

During this 90-minute panel discussion, you will learn the facts about local senior living options from some of the most knowledgeable and experienced professionals in the senior living industry.

“If you plan to retire in 2018, now is the time to start planning for your transition into retirement. You will need to set up new health insurance, max out your workplace benefits while you still can and take last-minute steps to sure up your finances. Here are seven ways to make sure you’re ready to retire next year.”

Here are some tasks to put on your retirement To Do list you may not have considered:

“Use your paid time off. Check into your bank of vacation time or paid time off. You should definitely use this before you retire, unless you can translate those banked days into cash at the end of your working years. If you plan to look for a new place to live in retirement, that’s an especially good use of any banked time off you have available.

Make a plan for your time. Figure out what you plan to do with your time during retirement. The transition from working every day to a life of leisure can be surprisingly emotional. The best way to fend off boredom and depression is to stay active physically, mentally and socially.”

“You’re having a regular day with your husband. You revel in the 30-50 years of work you and your husband put into building your life together. That’s when the news hits: an accident, a health scare…something disrupts your simple day and, before you know it, you lose your partner.

The dramatic change sets you on an uncharted path. There is so much to process — emotionally and otherwise.

As part of the transition, you’re left in charge of the family finances. Fortunately, you can mitigate the financial stress by following these guidelines:

Financial Transition: The Immediate Aftermath Immediately after a tragic loss, life can be overwhelming and terrifying. There is no exact way to set up an emergency or rainy day fund. Some basic guidelines include:

available liquidity to cover six to 12 months of expenses, and

ability to access funds without limitations or confusion.

Widows don’t receive most benefits until someone produces an official death certificate. Issuing death certificates takes about 30 days. Distributing those certificates to the necessary entities can take weeks longer.

Navigating Your New Financial Life. Political and financial changes are inevitable. Navigating these changes can be overwhelming and confusing for those less experienced. Clients and advisors should have an annual review to go over the client’s entire portfolio and goals.”

“Do you enjoy your job? Does it provide a sense of meaning and purpose in your life?

This is critical. Some people enjoy what they do so much that it would be unwise to retire unless you can replace that sense of meaning with some other activity or passion. A friend who had joined the Peace Corps after college, had a successful career as an executive in industry. When he retired from his corporate job, he joined a major nonprofit organization as a volunteer. Because of his passion for their mission, this has turned into a second “career” for him – in many ways, he is still that hard-working “executive,” because that is who he is.

Does your job provide critical social needs in your life?

Are most of your friends work associates? Does a good part of your social life revolve around work and the people at work? If the answer is “yes,” you may want to postpone retirement until you cultivate the supportive social networks beyond your workplace friends. You can do this by joining clubs and organizations, volunteering if you have the time, and re-connecting with friends, family, and acquaintances.”